New Mexico Community Development Loan Fund Inc

“The executive committee shall have and may exercise all of the authority of the board of directors in the management of the affairs of the corporation, except where the action of the board of directors is expressly required by statute, the bylaws, or the articles of incorporation, and shall have power to authorize the seal of the corporation to be affixed to all papers which may require it.”

“The cpa firm of choice prepares the 990, a draft copy is submitted to the entity for review by the controller and the president. Once the review is completed, it is communicated back to the cpa firm whether there are any changes to be made. Members of the board receive a draft copy of the 990 for their review prior to filing with the irs.”

“Each director, principal officer and member of a committee with board-delegated powers is required annually to sign a statement affirming they have received a copy of the policy, has read and understood the policy, agrees to comply with the policy, and understands the organization is a tax-exempt charitable organization and, as such, must primarily engage in activities that accomplish one or more of its tax-exempt purposes. In connection with any actual or possible conflict of interest, an interested person must disclose the existence of the financial interest and be given the opportunity to disclose all material facts to the directors and members of committees with governing board delegated powers considering the proposed transaction or arrangement. After disclosure of the financial interest and all material facts, and after any discussion with the interested person, he/she shall leave the governing board or committee meeting while the determination of conflict of interest is discussed and voted upon. The remaining board or committee members shall decide if a conflict of interest exists. If a conflict of interest exists, the governing board or committee shall, if appropriate, appoint a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement. If a more advantagous transaction or arrangement is not reasonably possible under circumstances not producing a conflict of interest, the governing board or committee shall determine by a majority vote of the disinterested directors whether the transation or arrangement is in the corporation's best interest, for its own benefit, and whether it is fair and reasonable. It shall make its decision whether to enter into the transaction or arrangement based on the above determination. Failure to disclose conflicts of interest may cause the governing board or committee to seek disciplinary and corrective actions. The deliberations and decisions are documented in the board minutes.”

“An independent committee of the board consisting of the chairman and vice-chairman review comparability data from guidestar as well as the performance of the president and other pertinent metrics. Using this information, they then determine any compensation adjustments and this determination is documented in writing that is signed by the chairman, vice-chairman and the president after the parties hold a meeting to discuss. The process described here was last completed in 2024.”

“The form 990 is also emailed to the investors (mission partners).”

“The organization makes its governing documents, conflict of interest policy and financial statements available upon request and are maintained at the office location and company website.”

“The organization did not change its oversight or selection process of an independent accountant during the tax year. It does not have a separate audit committee, instead the entire board reviews the audit and is part of the selection process.”